Newbie Question...help With Currency Exchange/debit Cards Issues

[bneth360]

I first would like to let everyone know I, nor the people I am traveling with have ever traveled abroad, so I am sorry for these questions if they are simple and ignorant... but thank you for the help!

I am from the US (Oregon if that makes a difference). I will be moving to Thailand very shortly with my Fiancee and two others. We are planning to teach English somewhere in Thailand. We have saved up some money (as we assume we will not get a job right away and we will have expenses), this being said all of our monies are in US based banks/credit unions. I have done some reading/research here and noticed Thai banks will be charging 150baht per transaction to Farrangs starting April 17th.

SO, what is the best route to do currency exchanges?

Do some ATMS give better exchange rates than others?

Where should I go if ATMS are not the best?

Do you recommend opening up an account with a Thai bank and moving some of our monies into this account, and also using this account to deposit paychecks?

Does anyone know a good bank in the US for this (meaning minimum fees)? I read nationwide is good, but I don't believe they have US locations.

Also when people are paid, (assuming you don't have a thai bank account) do you typically just cash your paychecks and carry that around?-can't be to safe.

Thanks again for all the help

[loong]

It's very cheap to change travellers cheques here. Probably the best option. You are charged per cheque so get at least $100 denomination.

Usually easy enough to open a Thai bank account, especially Kasikorn. I say usually because different branches of the same bank seem to stipulate different things. If one bank tells you no, go to another branch and will often say yes.

You will need a B visa to work, check that out in the Visa section

There may be some info in the Teaching in Thailand section that will help you

[bneth360]

Thanks a ton! I will look into it!

[IMA_FARANG]

I first would like to let everyone know I, nor the people I am traveling with have ever traveled abroad, so I am sorry for these questions if they are simple and ignorant... but thank you for the help!

I am from the US (Oregon if that makes a difference). I will be moving to Thailand very shortly with my Fiancee and two others. We are planning to teach English somewhere in Thailand. We have saved up some money (as we assume we will not get a job right away and we will have expenses), this being said all of our monies are in US based banks/credit unions. I have done some reading/research here and noticed Thai banks will be charging 150baht per transaction to Farrangs starting April 17th.

SO, what is the best route to do currency exchanges?

Do some ATMS give better exchange rates than others?

Where should I go if ATMS are not the best?

Do you recommend opening up an account with a Thai bank and moving some of our monies into this account, and also using this account to deposit paychecks?

Does anyone know a good bank in the US for this (meaning minimum fees)? I read nationwide is good, but I don't believe they have US locations.

Also when people are paid, (assuming you don't have a thai bank account) do you typically just cash your paychecks and carry that around?-can't be to safe.

Thanks again for all the help

Some information regarding a Thai bank account and transfering money from the U.S.

I have an account in Bangkok Bank. It may not be the best but it has one advantage. There is a Bangkok Bank in New York. You can transfer money to Bangkok Bank in New York by a Swift wire transfer from your U.S. bank. You will need the address, account number, and account name of your Bangkok Bank account. Bangkok Bank in New York will take care of the transfer to the Bangkok Bank branch your account is in in Thailand. Expect transfer time to be 2 or 3 days, and a liitle more if the period is over a weekend or Thai holidays.

The advantage of this is that there is no fee in Thailand for money transfer as long as it stays in the Bangkok Bank system. Your U.S. bank will probably charge you their standard wire transfer fee. I pay $30 dollars per transfer. For that reason you should transfer at least $1000 per month or more. The fee is always the same, so the more you can transfer, the smaller percentage the fee is of the amount transfered.

You will need to contact your U.S. bank, and set up a monthly repeating wire transfer to Bangkok Bank. You can set a maximum amount for any monthly transfer. They will give you a pin number. You can initiate a monthly transfer by email to your U.S. bank. Anything over your agreed maximum monthly amount will require a phone call, and your pin number to authorise the transfer.

You will get the rate in Thailand (dollar/baht rate) which is usually better than the rate you will get by exchanging it at the overseas rate in the U.S. banks.

I've used this for several years with no problems.

[MyphuketLife]

I first would like to let everyone know I, nor the people I am traveling with have ever traveled abroad, so I am sorry for these questions if they are simple and ignorant... but thank you for the help!

I am from the US (Oregon if that makes a difference). I will be moving to Thailand very shortly with my Fiancee and two others. We are planning to teach English somewhere in Thailand. We have saved up some money (as we assume we will not get a job right away and we will have expenses), this being said all of our monies are in US based banks/credit unions. I have done some reading/research here and noticed Thai banks will be charging 150baht per transaction to Farrangs starting April 17th.

SO, what is the best route to do currency exchanges?

Do some ATMS give better exchange rates than others?

Where should I go if ATMS are not the best?

Do you recommend opening up an account with a Thai bank and moving some of our monies into this account, and also using this account to deposit paychecks?

Does anyone know a good bank in the US for this (meaning minimum fees)? I read nationwide is good, but I don't believe they have US locations.

Also when people are paid, (assuming you don't have a thai bank account) do you typically just cash your paychecks and carry that around?-can't be to safe.

Thanks again for all the help

Some information regarding a Thai bank account and transfering money from the U.S.

I have an account in Bangkok Bank. It may not be the best but it has one advantage. There is a Bangkok Bank in New York. You can transfer money to Bangkok Bank in New York by a Swift wire transfer from your U.S. bank. You will need the address, account number, and account name of your Bangkok Bank account. Bangkok Bank in New York will take care of the transfer to the Bangkok Bank branch your account is in in Thailand. Expect transfer time to be 2 or 3 days, and a liitle more if the period is over a weekend or Thai holidays.

The advantage of this is that there is no fee in Thailand for money transfer as long as it stays in the Bangkok Bank system. Your U.S. bank will probably charge you their standard wire transfer fee. I pay $30 dollars per transfer. For that reason you should transfer at least $1000 per month or more. The fee is always the same, so the more you can transfer, the smaller percentage the fee is of the amount transfered.

You will need to contact your U.S. bank, and set up a monthly repeating wire transfer to Bangkok Bank. You can set a maximum amount for any monthly transfer. They will give you a pin number. You can initiate a monthly transfer by email to your U.S. bank. Anything over your agreed maximum monthly amount will require a phone call, and your pin number to authorise the transfer.

You will get the rate in Thailand (dollar/baht rate) which is usually better than the rate you will get by exchanging it at the overseas rate in the U.S. banks.

I've used this for several years with no problems.

I just use my ATM card, and pulling out 20,000 BAHT a time * $5 international withdraw fee = $10USD per 40,000BAHT (over 1,000USD) I like this option as unless you are pulling out more than 3,000 USD it is cheaper than the wire transfer fee, and you don't have to wait three days. (most bank websites let you change your daily limits online, login change it high before withdrawing, then login and change it back to a low level after you finish)

Also if you sign up with WELLS FARGO for their highest level checking account (takes 25K) you get 5 free non-wells fargo bank ATM withdraws a month this also includes international ATMS...

I also have a Thai bank account with Bangkok bank, but I would never put more than you can afford to loose into a thai bank account... Just search the internet and these forums for "money stolen/missing/skimmed/cheated/ from my thai bank account"

Edited April 8, 2009 by MyphuketLife

[Carmine6]

...this being said all of our monies are in US based banks/credit unions. ..

The bank or credit union your money is at can have as high an impact as the 150 baht fee will be. Maybe less at the credit unions, but many banks take something off the top so the net exchange rate is worse. Wamu (now Chase) for one nets less by maybe 1% or more. Fidelity is the best rate account I have and I think others have good experience from other brokers like Charles Schwab. I've never tried my Citibank account but assume it would be like Wamu.

The only way you'll know is by withdrawing and calculating the net rate and comparing who gets the best rate.

The fee for traveler's cheques is 30 baht or somewhere around that. The exchange rate is better than cash, but less than an ATM unless your bank takes a cut.